Digital transformation: how to find new opportunities?
By Loukas Tzitzis, Chief Products & Marketing Officer of Nexign.
Digital transformation is having an immense impact on the global telecoms industry today. Communications service providers (CSPs) understand the need to address the requirements of digital consumers and businesses, who are better informed than ever, in order to stay competitive in the marketplace and find new revenue streams.
The questions every CSP should be asking are:
What is my business doing to fight the stagnation of classical revenue streams?
How can we make the most of digital transformation?
Who will support my company in transforming our business model and offering to meet the requirements of the new era of the digital economy?
Digitalisation is becoming one of the key monetisation drivers for mobile operators. EY conducted a global telecommunications study last year where they asked mobile operators around the world to name their strategic priorities through to 2020 and 71% of respondents cited digital business models as their primary concern!
In line with the digital transformation wave, operators are taking steps in brand new – often non-traditional – directions, such as insurance, financial and even healthcare services. Providing content is also becoming more and more popular: many operators already offer digital TV and music services to their customers. The transformation process itself is about enabling CSPs to capitalise on new capabilities and competences that have become available through the emergence of digital technologies.
In order to reach the digital service provider level, operators should:
Develop an efficient partner ecosystem, enabled by an open systems architecture that supports rapid ideas for launching new offerings in the market as well as better relationships and engagement across the value chain
Take full advantage of transformational technologies (such as the cloud, IoT and 5G) to bring about business model innovation, diversify revenue streams and modernise their current architecture and systems
Focus relentlessly and consistently on the customer experience through optimal customer journeys across all possible channels, based on analytics-driven, decision-making mechanisms.
It is more important than ever for CSPs to find suppliers with a partnership-based culture that can help them to take the next step on the path of digital transformation.
Supporting operators in this journey has become our mission here at Nexign. Addressing the challenges that CSPs face on their way to becoming digital service providers is what drives our product vision and development efforts each and every day.
According to Analysys Mason, Nexign has a strong product portfolio and services practice that can help CSPs to transform their businesses. The analyst firm also highlights Nexign’s extensive experience in large digital transformation projects for Tier 1 operators.